Skip to main content
Why your retirement needs an asset protection strategy
July 13, 2021 at 7:00 AM
Why your retirement needs an asset protection strategy

Your retirement fund is a crucial asset. Until you retire, your retirement fund is essentially a savings account that you don’t have access to. However, if you’ve been sued, it becomes an asset that can be used as the courts see fit to satisfy the requirements of a ruling. You need to protect your retirement with an asset protection strategy that will ensure that you don’t lose your nest egg to satisfy a debt. At OWLFI, we can help you put together your strategy to make sure that you’re protected.

Car accident

Whether or not it’s your fault, a car accident can be a financially draining experience. If it’s not your fault, you might still be on the hook for an auto loan that has thousands of dollars remaining on it. If the vehicle is totaled, you no longer have that collateral and the loan could come due immediately. This means that you have to pay out the remainder of the loan to the bank and your retirement savings could be a source where they draw the funds.

If the car accident is your fault and you don’t have insurance, the person in the other vehicle will likely sue you to cover their costs. This could include vehicle damage and extensive medical bills. While vehicle damage is expensive, medical bills could persist for many years and potentially take your entire retirement fund.

Serious illness

Chronic illnesses or cancer can lead to massive medical bills. It’s not uncommon for those who have dealt with them to have had to file for bankruptcy in order to settle them. Should you have to deal with such a financial burden and you’re unable to make the necessary payments, you could be sued by a collections agency, in which case your retirement savings might not be off-limits as a way to pay off the debt. In the case of medical bills, they could potentially everything you’ve saved to that point.

Divorce

Divorce is not something anybody wants to have to go through. Should this happen, your retirement savings could be at serious risk of rapidly diminishing as the result of a divorce settlement. This is especially true in a single-income household. Whether it’s cut in half or otherwise, the comfort that you thought you had in the coming years could be gone. You need a strategy to protect your retirement and one of our experts can help.

High-liability profession

There are many professions that are considered high-liability. These are doctors, lawyers, contractors, and others that are at risk of being sued for malpractice or poor work. While malpractice insurance is often required in these fields, that isn’t always the case. If you’re not protected and something were to go wrong, a client or patient could sue you for massive amounts of money. Even if you make a great yearly salary, it probably won’t be enough to cover it. A strategy to protect your retirement fund is necessary to ensure that the court doesn’t rule that it’s a viable asset to pay the debt.

Get help from OWLFI

Reach out to OWLFI today to get started with your asset protection strategy. Our team will assist you in putting together a plan to ensure that your retirement fund is safe. Give our office nearest you a call and we’ll help you set up an appointment with our experts. You can also send us a message using our contact form if you have any questions before getting started. We’ll help you protect your retirement fund so you can be certain of a secure future.

Subscribe to our newsletter
Let's keep in touch!

Stay updated on our news and events! Sign up to receive our newsletter.